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In order for you to succeed in your business, you need to have a plan - a marketing plan AND a business plan. These two are commonly confused with the other and so with this article, I hope to bring to light how they are different and what purpose they serve over the other.
So how does a marketing plan differ from a business plan?
Normally, a marketing plan is a detailed set up or design that you use to achieve your marketing goals. They are often made up of actions and information about sales and planning, additional marketing strategy, market analysis, expense budget, sales forecast, and milestones.
Your marketing plan can be used on your products, services, a brand, or a line of products. It can be applied to your promotional tools, to determine and plan the use of flyers, postcards, brochures and other promotional media.
And it can cover an annual plan or even up to 10 years. Nevertheless, most organizations prefer strategic planning that covers the year ahead. This means having an annual planning process. For the others, a practical plan for 3 or more years is preferable.
To create an effective marketing plan, most business organizations provide a written document to formalize it. The bottom line of having a marketing plan is to provide a more detailed and specific action to strengthen the overall objectives of the organization, particularly on the marketing part.
On the other hand, a business plan is the overall strategy to operate successfully one's business; so obviously it covers everything from marketing and marketing analysis, to cash flow, financing, and goals, among others. Hence, if you want to see the company's real cash flow insights or the balance sheets and ratios, you go ask for the business plan.
In addition to the numbers, the business plan also sets the organization's goals, the why's and how's they can be achieved. The formal statement also includes some background information of the whole organization, as well as the teams that carry out each of the actions.
In summary, the marketing plan is only a part of a much bigger entity called the business plan. The marketing plan covers only the section where you promote or advertise your business, while the business plan gives you the whole process of operating your business, which of course includes the marketing plan.